U.S. stock futures are pointing lower as President Donald Trump threatens steep new tariffs on Canada starting on Aug. 1; bitcoin (BTCUSD) is surging to a new record, taking crypto stocks higher in premarket trading; Levi Strauss (LEVI) shares are jumping as the jeans maker raises its full-year outlook; and oil giant BP (BP) warns its second-quarter results likely would be impacted by lower fuel prices. Here's what investors need to know today.
1. US Stock Futures Point Lower on Canadian Tariffs News
U.S. stock futures are pointing lower as Trump threatens to hit Canada with a 35% tariff on Aug. 1, following other tariff announcements made this week. Dow Jones Industrial Average futures are down 0.6% after the blue-chip index gained 0.4% in the prior session to approach its first new high since December. S&P 500 futures are lower by a similar amount, while Nasdaq futures are 0.5% lower after the indexes closed at fresh all-time highs yesterday. The 10-year Treasury note yield and gold and oil futures are higher.
2. Trump Threatens 35% Tariffs on Canadian Goods
Trump late Thursday announced a 35% tariff on imports from Canada starting on Aug. 1, according to a letter to Canadian Prime Minister Mark Carney he posted on his Truth Social network. A report in The Wall Street Journal noted that a White House official said that there would be an exemption for goods that comply with the U.S.-Mexico-Canada Agreement on free trade, though that could change. In an X post, Carney said that the Canadian government was working to achieve a trade deal with the U.S. by the Aug. 1 deadline.
3. Bitcoin Hits New Record High, Sending Crypto Stocks Higher
Bitcoin (BTCUSD) is surging 4% to trade around $118,000, reaching another record high. In recent months, the cryptocurrency has received a boost from more companies adding it to their corporate treasuries and lawmakers working toward passing pro-crypto legislation. Shares of bitcoin buyer Strategy (MSTR) and bitcoin miners MARA Holdings (MARA) and Riot Platforms (RIOT) are more than 3% higher in premarket trading, while those of crypto exchange Coinbase Global (COIN) are up more than 1%.
4. Levi Strauss Stock Pops as Jeans Maker Raises Outlook Despite Tariffs
Levi Strauss (LEVI) shares are surging 6.5% in premarket trading after the jeans maker raised its full-year revenue and profit outlook. Levi's said it now expects fiscal 2025 revenue to grow 1% to 2%, up from its previous projection of a 1% to 2% decline, and earnings per share of $1.25 to $1.30, up from $1.20 to $1.25. The improved forecast comes amid “continued momentum across the business—and despite higher tariffs,” Chief Financial and Growth Officer Harmit Singh said. Levi's fiscal second-quarter results came in above analysts' estimates.
5. BP Warns Q2 Results Will Be Impacted by Lower Fuel Prices
BP (BP) warned that its second-quarter results would likely be impacted by lower fuel prices. The British energy giant noted that Brent crude prices were $67.88 a barrel in Q2 compared with $75.73 a barrel in Q1, and that its output would be higher than previously projected. The announcement comes after OPEC and its allies recently agreed to a larger-than-expected supply hike. Shell (SHEL) and ExxonMobil (XOM) issued similar warnings recently. U.S.-listed shares of BP are up 2% in premarket trading.
